Connecticut CPA Ethics Exam Requirements 2024

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Connecticut CPA Ethics Exam Requirements

To meet the Connecticut CPA ethics exam requirements and become a CPA, candidates will have to complete and pass the AICPA Professional Ethics for CPAs self-study course called Professional Ethics: The American Institute of Certified Public Accountants’ Comprehensive Course (For Licensure) with a score of 90 or higher.

This article will help you to become a CPA in Connecticut and is a requirement for you to take the Connecticut CPA exam.

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Summary of Connecticut CPA Requirements

Credit Hours to Sit for CPA Exams	120
Credit Hours in Accounting courses to sit for the CPA Exam	24
At least (1) Business Law, (1) Economics & (1) Finance course	Yes
Bachelor’s Required to Sit for CPA Exams?	No
Credit Hours for CPA License	150
Credit Hours in Accounting courses for CPA License	36
Credit Hours in Economics/Business courses for CPA License	30
Credit Hours in General Education courses for CPA License	60
Bachelor’s Degree Required?	Yes
Work Experience Required	2 – 3 Years
Ethics Exam Required?	Yes
Required CPE Hours Every Year	40

General Requirement

The state has no age limitations for the Connecticut CPA exam requirements, nor does it require U.S. citizenship. Citizenship or residency in a state. However, Connecticut CPA exam requirements require a Social Security number. Contact the Board to confirm your eligibility if you are a foreign national with a taxpayer identification number.

Connecticut CPA Education Requirements

To meet the Connecticut CPA education requirements, applicants must accomplish 150 semester hours of postsecondary education which includes 36 semester hours in accounting, 30 semester hours in economics or business courses other than accounting and 60 semester hours in general education.

Credit Requirements for Connecticut CPA License

You must finish 150 semester hours of undergraduate courses to become a CPA. To begin the operation, which will take around 120 hours, you must have a bachelor’s degree. While completing your undergraduate degree, ensure that you complete enough of the essential curriculum to meet Connecticut CPA exam requirements.

With most bachelor’s degrees in accounting consisting of 120 semester hours, earning a master’s in accounting or post-baccalaureate certificate is the standard way to get those 30 additional credits you need to become a CPA in Connecticut. Many of these programs are available entirely online.

Accepted Educational Institutions

The Connecticut State Board of Accountancy will recognize all applicable degrees and credits acquired from any institution or university in the United States that is accredited by one of the Department of Education’s six regional accrediting organizations:

Middle States Association of Colleges and Schools

If a regional accrediting authority does not approve your program, it must be deemed equivalent by the Connecticut State Board of Accountancy. Only Bob Jones University and Everest University currently have this equivalence status.

Required Courses

To begin with, your school must be regionally accredited. You must have 36 semester hours in accounting, including introductory coursework, as part of your 150 semester hours. In addition, you must have 30 hours of business administration or economics. Some or all of the following courses may be included in these courses:

Statistics
Marketing

Organizational behaviors
Management Principles
Business Law

Managerial Finance
Managing Financial Portfolios
Micro Economics

Macro Economics
Economic Theories and Principles

You must also complete 60 hours of general education coursework. Most undergraduate programs will need you to take several courses in English, foreign languages, and other fields to complete your education. Whatever credit hours remain may be finished how you see fit, as long as you may still get a bachelor’s degree.

Your hours could come from a variety of sources. The board accepts courses from an online or community college if a regional organization accredits the institution. Even Connecticut CPA Exam Requirements education is acceptable if an accredited institution has approved it. You may decide to seek outside instruction through a commercial CPA review course, but that work will not be accepted as part of your Connecticut CPA license application.

Pass the Uniform CPA Examination

The “Uniform CPA Examination”, which is a 4-part exam, is developed by the AICPA – the American Institute of Certified Public Accountants and administered by NASBA – the National Association of State Boards of Accountancy.

The Three Core Exam Sections

Auditing and Attestation (AUD)

The Auditing and Attestation (AUD) section of the Uniform CPA Examination (the Exam) tests the essential knowledge and skills a newly licensed CPA must demonstrate when performing audit engagements, attestation engagements or accounting and review service engagements.

Newly licensed CPAs are required to:

Demonstrate knowledge and skills related to professional responsibilities, including ethics, independence, and professional skepticism. Professional skepticism reflects an iterative process that includes a questioning mind and a critical assessment of audit evidence.

Understand the entity including its operations, information systems (including the use of third-party systems), and its underlying business processes, risks, and related internal controls.
Understand the flow of transactions and underlying data through a business process and its related information systems.

Financial Accounting and Reporting (FAR)

The Financial Accounting and Reporting (FAR) section of the Uniform CPA Examination (the Exam) assesses the knowledge and skills that a newly licensed CPA must demonstrate in the financial accounting and reporting frameworks used by business entities (public and nonpublic), not-for-profit entities and state and local government entities.

The financial accounting and reporting frameworks that are eligible for assessment within the FAR section of the Exam include the standards and regulations issued by the:

Financial Accounting Standards Board (FASB)

U.S. Securities and Exchange Commission (U.S. SEC)
American Institute of Certified Public Accountants (AICPA)
Governmental Accounting Standards Board (GASB)

Regulation (REG)

The Regulation (REG) section of the Uniform CPA Examination (the Exam) tests the knowledge and skills that a newly licensed CPA must demonstrate with respect to:

U.S. federal taxation

U.S. ethics and professional responsibilities related to tax practice
U.S. business law

The Three Disciplines

The three new disciplines in the 2024 CPA Exam, part of the CPA Evolution initiative, are designed to allow candidates to specialize in areas that align with their career interests and the demands of the modern business environment. Here’s a more detailed look at each discipline:

Business Analysis and Reporting (BAR)

Objective: This discipline focuses on higher-order skills needed in financial statement analysis, business reporting, and the strategic role of the CPA in business decision-making.

Key Topics:

Financial Statement Analysis: Understanding and interpreting financial statements to assess an entity’s financial health and performance.
Performance Management: Developing and using key performance indicators (KPIs) to measure, manage, and improve business performance.
Data Analytics and Visualization: Utilizing data analytics tools to analyze business data, and effectively presenting data to support business decisions.

Strategic Planning and Risk Management: Involvement in the strategic planning process and identifying, assessing, and managing business risks.
Business Processes and Controls: Understanding and evaluating business processes and internal controls to improve efficiency and effectiveness.

Information Systems and Controls (ISC)

Objective: This discipline is tailored for those interested in information technology, data security, and controls. It addresses the increasing role of technology in accounting and auditing.

Key Topics:

IT Governance and Risk: Understanding the frameworks for managing and governing enterprise IT; identifying and managing IT-related risks.

Information Security and Cybersecurity: Knowledge of cybersecurity principles, data protection laws, and the steps necessary to protect information assets.
System and Organization Controls (SOC) Reporting: Understanding the requirements for SOC reports and the role of CPAs in assessing controls at a service organization.
Data Management and Privacy: Managing data effectively and understanding privacy regulations.

Business Continuity and Disaster Recovery: Planning and strategies to ensure business operations can continue and recover from disruptive events.

Tax Compliance and Planning (TCP)

Objective: This discipline focuses on tax compliance, tax planning, and tax strategy, suitable for those who aim to specialize in taxation.

Key Topics:

Individual Tax Planning and Compliance: Understanding tax laws affecting individual taxpayers, including income, deductions, credits, and tax planning strategies.
Business Tax Planning and Compliance: Knowledge of tax considerations for different business entities, including corporations, partnerships, and S-corporations.

Estate, Gift, and Trust Taxation: Understanding the tax implications and planning strategies for estates, gifts, and trusts.
International Taxation: Knowledge of taxation issues related to cross-border transactions and multinational enterprises.
State and Local Taxation (SALT): Understanding the complexities of state and local tax laws and their impact on business and individual tax planning.

Tips for Passing the CPA Exam

The CPA exam covers so many topics that you will need to study specifically for each section, usually for 6-8 weeks per section. Even a master’s degree in accounting doesn’t adequately prepare you to just walk in and pass the 4 CPA exams.

You will need a full review course such as Becker, Wiley CPA, Gleim, Roger, etc, and you will need to dedicate several hours a day over the course of months to even have a chance at getting passing scores.

Connecticut CPA Exam Cost Breakdown

The Connecticut CPA exam cost consists of five main fees: for the exam costs there is an education evaluation application fee of $90, the $238.15 per CPA exam section totaling $952.60 for all four sections.There is also the licensing and certification fee which will depend on the candidate’s choice. An initial CPA certificate will cost $150, an initial registration fee is $40, and then there is the initial CPA license which is $150.

Education Evaluation Application Fee	$90.00
Auditing and Attestation (AUD)	$344.80
Financial Accounting and Reporting (FAR)	$344.80
Regulation (REG)	$344.80
Disciplines (ISC, TCP, or BAR)	$344.80
Total for all 4 CPA Exam Sections	$1,379.20
Initial CPA Certificate Fee	$150.00
Initial CPA Registration Fee	$40.00
Initial CPA License Fee	$150.00
CPA Registration Renewal Fee	$40.00
CPA License Renewal Fee	$565.00

Connecticut CPA Experience Requirements

To meet the Connecticut CPA experience requirements, candidates either have to work a minimum of 2 years (104 weeks) for those who took the exam after January 1, 2000 with 150 semester hours of education or a minimum of 3 years (156 weeks) for candidates who took the exam prior to January 1, 2000 with less than 150 semester hours of education. Experience cannot be older than 10 years and it must be under the supervision of a Certified Public Accountant holding a certified public accounting certificate or license for no less than three years prior to the verification of such experience.

Apply for License

There are two options for CPA credentials in Connecticut: certification and registration or certification and licensing. While all alternatives need the same education, experience, and testing, registered CPAs have greater significance than licensed CPAs.

Candidates who seek a less expensive option and do not need to utilize the CPA title fully may register their certificates (as registered CPAs) and use the CPA credential. The CPA certification and license process are more expensive. Still, licensed CPAs can use the CPA title indefinitely, establish a public accounting firm, and sign audit reports and tax returns using the Connecticut CPA exam requirements.

All applicants must apply for the first CPA certification regardless of their choice. In contrast, the second tier (registration or licensure) is decided based on the needs of each candidate. Candidates apply for CPA certification, registration, and licensure using the same form; both levels may be applied concurrently using the Initial and Reciprocal CPA Certificate/Registration/License form, which is available on the Board’s website be addressed to the Board. Candidates must provide proof of education, experience, and completion of the AICPA ethics course. NASBA will send the Board the results of the CPA Exam.

Receive a License

The application will be processed within three to six weeks after the Board receives the required evidence. Applicants who are approved will receive an email with the CPA certificate, followed by another email with the CPA license requirements. A Connecticut CPA exam requirement may commence practicing after receiving the second email. The Board will not give any more paperwork. However, CPAs may purchase a wall certificate from NASBA.